Across
- 3. an act that a consumer is willing to pay for
- 9. a sacrifice that must be made to obtain a product or service
- 11. the line on a production possibilities graph that shows the maximum possible output for a specific economy
- 13. items that appease to human desires and demands
- 16. Satisfaction received from consuming a good or service. This is based on the needs and wants of each person.
- 17. the activity of starting a business, hoping for profit from financial risks taken
Down
- 1. land, labor, capital and entrepreneurship; these are inputs needed for the production of goods and services
- 2. the total value of all the things a person or a group of people owns
- 4. one of the three factors of production; any human-made resource that is used to create other goods or services
- 5. a potential reward that motivates someone to do something
- 6. one of the three factors of production; natural resources that are used to make goods and services
- 7. something that is desired but may or may not be attainable
- 8. the demand for a good or service is greater than the availability of the good or service
- 10. one of the three factors of production; the effort that people devote to a task for which they are paid
- 12. something necessary in order for survival
- 14. the potential benefit that is given up as one seeks an alternative course of action
- 15. the worth of a good or service, typically measured in units of currency